When you make a trade on Binance US, you will be taxed on the gains or losses from that trade. The tax rate depends on your capital gains rate and individual tax situation, but it is typically around 15% on average.
If you're thinking about using Binance US to trade cryptocurrencies, it's important to be aware of the taxes that you may owe. Depending on your circumstances, you could end up owing a significant amount of money to the IRS. However, if you take the time to understand the tax laws and plan your trades accordingly, you can minimize your tax liability.
If you're trying to figure out your potential Binance US tax burden, then you can use the Ledgible Crypto Tax & Accounting Platform to automatically track your gains, losses, and even minimize your tax burden throughout the year. You can learn more about how to connect Binance US with Ledgible below.
How to Connect Binance US with Ledgible
Looking to connect your Binance US account to Ledgible? Well you're in luck, because Ledgible features an API connection with Binance US. Use our step-by-step guide listed below to add your account to Ledgible
1. Log into Ledgible
2. Go to the "Exchanges" tab
3. Click "+ Add Exchange Data"
4. Select "Exchange API Connection" and click Next
5. Select Binance US from the list
6. Enter your API Key and Secret and click Next
7. Confirm the information and click Finish